Company news

Wells Fargo quarterly profit slumps 55% Wells Fargo & Co reported a 55% fall in quarterly profit on Tuesday, as it struggled to grow in a lower interest rate environment and saw a surge in cost stemming from the regulatory fallout of a series of sales scandals. Net income applicable to common stock fell to US$2.55 billion, or 60 cents per share, in the fourth-quarter ended Dec. 31, from US$5.71 billion, or US$1.21 per share, a year earlier. Analysts had expected a profit of US$1.12 per share, according to Refinitiv data, but it was not immediately clear if the numbers were comparable. Wells Fargo has been operating under intense scrutiny since revealing in 2016 a sales scandal that has led to billions of dollars in fines and penalties and an unprecedented growth restriction on its balance sheet by the Federal Reserve. – Nampa/ReutersTullow to book US$1.5 bln writedown on oil price outlook, Tullow Oil expects to report a US$1.5 billion writedown after lowering its long-term oil price assumptions by US$10 to US$65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday. "Tullow expects to report pretax impairments and exploration writeoffs of (around) US$1.5 billion (c. US$1.3 billion post tax)," it said. After repeated delays for its East African projects, Tullow said that its scheme to truck oil from its Kenyan inland fields to the coast has been suspended due to damaged roads and that there was no breakthrough in Uganda, where it is looking to reduce its stake. Tullow, a partner of French oil major Total in several projects, has forecast 2020 output to shrink to a maximum of 80,000 bpd and fall again to around 70,000 bpd in 2021-2023. It is still looking for a replacement for its former Chief Paul McDade, who stepped down last month. – Nampa/ReutersAmazon offers India's small business owners olive branch Amazon.com Inc CEO Jeff Bezos said his company will invest US$1 billion to bring small and medium-sized businesses online in India and expects to export US$10 billion worth of India-made goods by 2025. Bezos' visit comes amid strident criticism from small business owners who accuse the company and Walmart's Flipkart of unfair business practices. The companies deny the allegations. The Competition Commission of India (CCI) has also just launched a probe into Amazon and Flipkart. On Wednesday, Bezos spoke at a company event at New Delhi's Jawaharlal Nehru stadium that it has described as "a first-of-its-kind mega summit" to bring together more than 3,000 small businesses. Amazon will also use its "size, scope and scale" to export US$10 billion worth of locally made Indian goods, said Bezos as he praised the country. – Nampa/ReutersMicrosoft issues critical Windows security fix Microsoft Corp on Tuesday rolled out an important security fix after the U.S. National Security Agency tipped off the company to a serious flaw in its widely used Windows operating system, officials said. Microsoft said the flaw could allow a hacker to forge digital certificates used by some versions of Windows to authenticate and secure data. Exploiting the flaw could have potentially serious consequences for Windows systems and users. The Microsoft patch marks the first time the NSA has publicly claimed credit for prompting a software security update, although the agency said it has alerted companies in the past to flaws in their products. Neuberger said the agency was striving for more transparency with the information security research community. – Nampa/ReutersBoeing net orders slump to lowest in decades Boeing Co reported its worst annual net orders in decades on Tuesday, along with its lowest numbers for plane deliveries in 11 years, as the grounding of its 737 MAX jet saw it fall far behind main competitor Airbus. Boeing's gross orders plunged 77% to 246 in 2019, while net orders after cancellations or conversions were just 54 airplanes compared with 893 the previous year. After an accounting adjustment representing jets ordered in previous years but are now unlikely to be delivered, Boeing said its net total for orders this year sank to a negative 87 airplanes. As a result, Boeing's book-to-bill ratio, which measures orders against deliveries, came in at a negative 0.23 in 2019. Boeing said unidentified customers canceled orders for three 787-9s in December and another customer canceled an order for a 787-8. – Nampa/Reuters

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